In a case that is being described as unprecedented, a bankruptcy judge has sold the home of a bankruptcy debtor after the bank failed to take possession and in turn left the debtor with ongoing HOA fees. In his ruling, Judge George Paine II ordered Pigg's bankruptcy reopened so that a trustee can sell the [...]
Surrendered Car in Bankruptcy But the Bank Won't Pick it Up We knew it was bad; but we had no idea it was coming to the point where creditors are passively refusing to pick up vehicles which have been surrendered in bankruptcy. What's happening? Post-bankruptcy debtors are finding that cars, motorcycles, ATVs, Jet Skis and [...]
If a business has filed bankruptcy in a foreign country, they may also file Chapter 15 bankruptcy in the United States to protect their assets held here. When the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 ("BAPCPA") was passed, Congress added Chapter 15 bankruptcy so that the system could effectively handle cross-border insolvency [...]
Joint Bank Accounts and Bankruptcy If a bankruptcy debtor has a joint bank account with someone who is not part of the bankruptcy case, the bankruptcy court may still seize part of the assets in that account. Here's what you need to know: A debtor filing bankruptcy must disclose to the trustee all of their [...]
Ireland's Minister For Justice has just announced that corporate and consumer bankruptcy debtors will now be able to exit reorganization after 5 years as opposed to 12 years; but only after certain conditions are met. The new law will also grant bankruptcy discharges to 300 people in Ireland who have languished in the country's bankruptcy [...]
Car Insurance and Filing Bankruptcy If a debtor is filing bankruptcy and owns a vehicle, they must have insurance on the vehicle whether or not it is fully paid for. Even if the debtor is not driving the vehicle, they will still need to insure it or hand over the keys to the bankruptcy [...]
While most debtors want to pay back their debts and not file bankruptcy if they don't have to, there are some common bankruptcy avoidance tactics which simply don't work. Let's take a look at a few: Extreme Frugality. Attempting to nickel and dime yourself to financial health is not a long-term strategy for avoiding [...]
Bankruptcy and Your Privacy One of the biggest fears that a debtor has when considering bankruptcy is that their privacy will be violated. Many debtors envision a bankruptcy where the trustee searches through their home looking for valuables that they can auction off for the benefit of creditors. But is this fear really warranted? Let's [...]
The issue of who bankruptcy does and does not benefit has come to the forefront in the past few weeks. With the numbers of debtors filing bankruptcy on the increase, the opponents of bankruptcy have resorted to splitting hairs in their efforts to discourage average debtors from taking advantage of the benefits that bankruptcy [...]
As we expected at the start of this recession, many creditors are becoming more desperate to challenge debtors' bankruptcy discharge. A matter of fact, some creditors are becoming so desperate that they are presenting nonsensical arguments for denying a debtor's bankruptcy discharge. In the recent Chapter 7 bankruptcy filing of a group of debtors who [...]